The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-10-14
BEN FRANKLIN'S FUND.
HOW BOsTONS WIsEST SON MEANT
TO HELP OTHERS.
The Philosophers Curious Request to
"YOung Married Artificers" and Its
Growth-Its Usefulness Hampered
by Infexible Conditions.
boston GlobeJ


the life of Benjamin Franklin, ana thousands
of newspaper readers besides, know the gem
eraI fact that that there is a "Franklin fund, "
that it was in some way intended to benefit
young Boston mechanics, and that the
changed condition of Industrial pursuits has
in some way interfered with the original
plan of the donor, and that his bequeSt or
1000 pounds sterling has grown to nearly
$500, OO0 So little has been said about 1t IN
very recent years, however, that the details
of the gift and its object seem to have been
forgotten by the major portion of the COM
munity.
Franklins will was made July II, 1888, in the
S3rd year of his age. In this be provided
for the distribution of silver medals to the
most distinguished boys in the schools OF
Boston, bequeathing for the purpose 100
pounds sterling, the interest of which was to
be devoted to this object. This original be-
quest now amounts to 81, 900, which Is IN
vested In city per cent. bonds, but the 500
interest is now inadequate, and the school
committee now appropriates annually
much larger sum as a tribute to FrankIIn's
memory.
Having thus provided for the encourage
ment of education in his native town. he re-
membered his own early difficulties in the
effort to enlarge his business, when a loan OF
so pounds sterling would have been con-
sidered almost fortune. Accordingly, June
%, 1889, he prepared a lengthy codic1 to his
will This cOdicil was the origin of the
"Franklin fund.-" as it is now known, the
objects of which will fully appear from the
following extracts from the cOdicil:
l, having considered that among artisans
good apprentices are most likely to become
good citizens and having myself been bred
to a manual art, printing, III my native
town, and afterward assisted to set up my
business in Philadelphia, by kind loans Of
from ttH-n fTJpn w
the foundation Of my fortune, and OF all
the utility in life that may be ascribed to
me, wish to be useful even after death, If
possible, in forming and advancing other
young men that may be serviceable to their
country in both these towns. To this end L
devote 2,0G0 pounds sterling, of which give
1000 pounds sterling thereof to the inhabi-
tants of the town of Boston, and the other
1000 pounds sterling to the inhabitants of
the city of Philadelphia, in trust, to and for
the uses, intents and purposes hereinafter
mentioned and declared.
The said sum of 200 pound sterling if ac-
cepted by the city of Boston, shall be man.
aged under the direction of the SelectInen
united with the ministers of the Oldest EpiS-
cOpalian Congregational and PreSby terrain
churches in that town, who are to let out the
same upon interest at 5 per cent. per annum,
to such young artiicers, under the age of 20
years, as having served an apprenticeship in
said town. and faithfully fulfilled the duties
required in their indentures so as to obtain
good moral character from at least two re-
spectacle citizens, who are willing to become
their Sureties in bond with the applicants
for the repay ment of the moneys so lent with
interest according to the terms hereinafter
prescribed:
AS these loans are intended to
assist young married artiicers in setting up
their business they are to be proportional
by the discretion of the managers, so as not
to exceed 90 pounds sterling to person,
nor to be less than Is pounds sterling x = y
These aids may be small at first, but as the
capital increases by the accumulated interest,
they will be more ample And in order to
serve as many as possible in their turn,
we'll as to make the repayment of the princi-
pal more easy, each borrower shall be
obliged to pay, with the yearly interest one
tenth part of the principal, which sums of
principal and interest, so paid in, shall be
again let out to fresh borrowers.
The codicil expresses the hope that mana
gers will devote their time and attention to
the matter gratis; that the money will not
be diverted to any other purpose, but con-
tinuaIly augmenting, so that other towns
might have some of its benefits. 1t is esti-
mated that the fund would in 100 years reach
the sum of 13l 900 pounds sterling, of which
100, 600 pounds sterling was then to be paid
out in public works of utility. The other 3D.
600 was to be continued to be let out at in
terest In the manner directed for another
100 years. "At the end of this second term,"
continues DR.. Franklin, "if no unfortunate
accident has prevented the operation, the
sum will be 4,O6l 900 pounds sterling, of
which leave 1867, 900 pounds sterling to the
disposition of the inhabitants of the town of
Boston, and 100000 pounds sterling to the
disposition OF the government of the state,
not presuming to carry my views farther"
The beQuest to Philadelphia was under ex-
actly similar conditions to the above. In
concluding his directions, DR.. Franklin said:
] wish, indeed, that they may both boston
I-1,~ HaI
execution of the project, because l think
that, though unforeseen difficulties may arise,
expedientS will be found to remove them and
the the scheme will be found practicable.
The experience of the trustees and man
ayers of this fund shows how useless it is for
man. however wise, to make inhexible condi-
lions in regard to his property which shall
continue i'll force for a century, or even fifty
years. The changes in population, business
methods and social life cannot be anticipated
by any man for single generation. In 1871,
30 pounds sterling or $500 was large sum-
Its purchasing power was more than double
that of the present day. If the loans under the
will could be made as high as 81 900 or $500
even, better class of borrowers would be
to them, and conse quently a more
set of bondSmen would be secured,
and the chance Of loss be correspondingly
diminished. A young man to-day who can
not borrow of friend the small sum of $500
can hardly be a desirable borrower from this
fund, and still less can he furnish satisfactory
bondsmen. At the present there are but
three borrowers who are using the money of
this fund in pursuance of the system devised
by Franklin. Applications are few, and a
majority OF these do not come within the re-
strictiOns of the will The trustees have
waived the provision concerning apprentice
ship, because of the fact that indentures are
no longer part of our industrial system:
but they still insist upon the other conditions
that the applicant shall be a mechanic.
married, under Is years Of age, and furnish
bondsmen.
There have been several attempts on the
part of the Massachusetts Mechanics Char
ltable association and others to divert por-
zion or the fund to purposes somewhat alien
20 the Industrious teStator's intentions But
the corporation counsel has always wisely
determined that the city alone can use the
FUNDS, at the period specified in the will, and